- My Forums
- Tiger Rant
- LSU Recruiting
- SEC Rant
- Saints Talk
- Pelicans Talk
- More Sports Board
- Fantasy Sports
- Golf Board
- Soccer Board
- O-T Lounge
- Tech Board
- Home/Garden Board
- Outdoor Board
- Health/Fitness Board
- Movie/TV Board
- Book Board
- Music Board
- Political Talk
- Money Talk
- Fark Board
- Gaming Board
- Travel Board
- Food/Drink Board
- Ticket Exchange
- TD Help Board
Customize My Forums- View All Forums
- Show Left Links
- Topic Sort Options
- Trending Topics
- Recent Topics
- Active Topics
Started By
Message
re: Checking Account Hold: How long is too long?
Posted on 4/10/15 at 7:09 pm to GaryMyMan
Posted on 4/10/15 at 7:09 pm to GaryMyMan
To me, it sounds like they are following the rules.
But, by all means, go to another bank that will follow the rules too. I seriously doubt that it will bother your bank to lose an unloyal customer.
If you want to be a customer who gets the rules bent for them, build a relationship and be a good customer for awhile. A bank does not make money on a customer like you. I'm sure theyd rather you take your business elsewhere.
But, by all means, go to another bank that will follow the rules too. I seriously doubt that it will bother your bank to lose an unloyal customer.
If you want to be a customer who gets the rules bent for them, build a relationship and be a good customer for awhile. A bank does not make money on a customer like you. I'm sure theyd rather you take your business elsewhere.
1
Posted on 4/10/15 at 8:18 pm to GaryMyMan
Cap One does 10 days I believe
Posted on 4/11/15 at 12:50 am to TSLG
quote:
To me, it sounds like they are following the rules. But, by all means, go to another bank that will follow the rules too. I seriously doubt that it will bother your bank to lose an unloyal customer. If you want to be a customer who gets the rules bent for them, build a relationship and be a good customer for awhile. A bank does not make money on a customer like you. I'm sure theyd rather you take your business elsewhere.
Agree with all this
Posted on 4/11/15 at 8:04 am to MasCervezas
Wrote a business check for an invoice for over 10k to this one business. They called me 5 days after they got the check and said the check is still on hold because my bank wouldn't release the funds. Called my bank and they said the funds have been released on our end it must be his bank with the hold. He called his bank (Chase) and sure enough they had put a 10 day hold on the check. Dude was madder than a firecracker on the 4th of July.
Posted on 4/11/15 at 9:10 am to GaryMyMan
quote:
Recently I deposited a large cashier's check written by one local bank into my Regions account. They placed a 7 day hold on the entire amount PLUS about 1/3 of a pay check I was depositing at the same time. Does that seem egregiously long? Would other banks (Chase/Cap One) be better?
7 days is too long 3 would be ok with me. Shop around.
Posted on 4/11/15 at 10:56 am to MasCervezas
quote:
Agree with all this
It's the American way. We believe that we deserve everything for nothing. The American entitlement drives me crazy. If I didn't have so much invested here, I'd be in europe. Lol.
God forbid a company protect themselves from a possible risk regarding a customer with a FREE checking account.
It is going to hurt people's feelings when the banking industry is forced to change. Your normal bank cannot keep giving you free services when you take your auto loan to Chrysler Capital to save a point, your Mortgage to Pen Fed to save a point, your savings to xyz to gain a quarter point, etc.
And we get mad when the rules allow a bank to protect against risks regarding their free checking account customers.
Is it me or is this having your cake and eating it too mentality getting worse?
/rantover
Posted on 4/11/15 at 3:22 pm to TSLG
quote:
Your normal bank cannot keep giving you free services when you take your auto loan to Chrysler Capital to save a point, your Mortgage to Pen Fed to save a point, your savings to xyz to gain a quarter point, etc.
You really lost me here. I should just give a multi-billion dollar bank thousands of dollars in unnecessary interest for no reason because they've held my checking account for 13 years? None of my accounts are free, by the way. That's about the least capitalistic thing I can imagine. But thanks for the implication that I'm some spoiled lazy millennial for asking a banking question and seeking opinions on alternatives. Douchebag.
This post was edited on 4/11/15 at 3:32 pm
Posted on 4/11/15 at 5:46 pm to GaryMyMan
quote:
You really lost me here. I should just give a multi-billion dollar bank thousands of dollars in unnecessary interest for no reason because they've held my checking account for 13 years? None of my accounts are free, by the way. That's about the least capitalistic thing I can imagine. But thanks for the implication that I'm some spoiled lazy millennial for asking a banking question and seeking opinions on alternatives. Douchebag.
Absolutely not. But, do you think that small fee is covering all of the services that your bank provides you: online banking, routing checks in and out of your account, a person in a window 9 hours a day, etc.? Guess who is paying for that? Essentially, this could be a banking welfare type argument, because somebody else is paying for (subsidizing) your banking experience.
I'm not saying you're wrong for getting the best deal, but I am saying that you have no right to expect the bank to bend the UCC banking rules for a customer that they don't profit from. I can almost promise that if your mortgage, car loans, business line of credit, etc were all with that same institution, you would have been able to pretty much set your own rules, within reason.
And, I never implicated that you were lazy.
Btw...I do the same thing that I talked about. I'm not paying more for something if I can get for less.
However, guess what I expect from my local bank? The bare minimum. I know I'm getting a hook up.
Guess what happens if I get in a bind and need to rely on my local bank? Well, I expect to bring my knee pads into that meeting. Also, I better have my Vaseline handy.
Sincerely,
Douchbag
Posted on 4/11/15 at 5:52 pm to GaryMyMan
Also, next time, deposit your paycheck on a day when your deposits don't equal $5k in the aggregate.
Maybe accounts with separate institutions?
Or, like you said, pay the ~$6 to cash the check at the bank where it was drawn upon. Then, go deposit cash.
It won't be long before we all pay $49.95 per month for our personal checking account, and none of us price shoppers will have any right to bitch about it.
Maybe accounts with separate institutions?
Or, like you said, pay the ~$6 to cash the check at the bank where it was drawn upon. Then, go deposit cash.
It won't be long before we all pay $49.95 per month for our personal checking account, and none of us price shoppers will have any right to bitch about it.
This post was edited on 4/11/15 at 5:56 pm
Posted on 4/11/15 at 10:09 pm to GaryMyMan
Should have cashed the check at the issuing bank and then deposited cash at the other. Also, they will remove that hold if you get the manager to call the other bank and verify the check.
Posted on 4/11/15 at 10:49 pm to GaryMyMan
Regions is the worst as far as how long the put holds. If you go to bank first and ask them how they would like to receive funds and get manager involved they can usually call and verify the funds and post the next day.
Posted on 4/11/15 at 11:14 pm to TSLG
quote:
I'm not saying you're wrong for getting the best deal, but I am saying that you have no right to expect the bank to bend the UCC banking rules for a customer that they don't profit from
You really are lost here bud, the UCC rules state what a bank is limited in doing, they do not require any bank to place any hold at any time.
These rules where put in place to protect customers from unreasonable holds, not force banks to place holds.
Secondly banks loose money on checking accounts as a marketing tool, not through some act of benevolence. Get a grip.
Posted on 4/12/15 at 12:01 am to GaryMyMan
I bank at Chase and they never place a hold on large deposits.
Maybe type of checking account?
Maybe type of checking account?
Posted on 4/12/15 at 2:15 pm to cave canem
quote:
You really are lost here bud, the UCC rules state what a bank is limited in doing, they do not require any bank to place any hold at any time.
These rules where put in place to protect customers from unreasonable holds, not force banks to place holds.
Secondly banks loose money on checking accounts as a marketing tool, not through some act of benevolence. Get a grip.
I think it is obvious that I didn't say that the bank had to place the maximum allowed hold on a check.
Every rule is "called" a protection for the consumer. Do you think the consumer was pumping money into our legislative branch to have the laws written in a way that benefits the consumer. We're pawns. It has to look like they are representing us. The banks are ok with the maximum allowed holds.
Of course it's for marketing purposes. Why would you assume that I felt it was benevolent? They need people using their other services to make money; they hope that you will if you use their free checking account. However, it is working less and less. We will soon see what happens because of this...$49.95 a month checking accounts are coming.
My entire point was: you cannot expect a favor if you are not a customer who makes the bank money; thus, you will follow whatever the bank's policy is, within the UCC rules, of course.
Posted on 4/12/15 at 4:07 pm to TSLG
Hurray, I'm useful!
I work in bank fraud...while I can't say why Regions help your specific check especially if your account is in good standing, not new, etc... banks hold checks under Reg CC (h/t to the poster with the Reg CC rules) for the noted reasons.
Credit Card and online fraud get all the press, but check fraud is still a huge loss driver for banks. My 2-cents, some banks have a better "hold model" then others and shop around based on your business needs.
I work in bank fraud...while I can't say why Regions help your specific check especially if your account is in good standing, not new, etc... banks hold checks under Reg CC (h/t to the poster with the Reg CC rules) for the noted reasons.
Credit Card and online fraud get all the press, but check fraud is still a huge loss driver for banks. My 2-cents, some banks have a better "hold model" then others and shop around based on your business needs.
Page 2 of 2
Popular
Back to top
Follow TigerDroppings for LSU Football News